USTY.L vs. TLH
USTY.L (SPDR Bloomberg US Treasury Bond UCITS ETF) and TLH (iShares 10-20 Year Treasury Bond ETF) are both Government Bonds funds - USTY.L tracks the Bloomberg US Treasury Index while TLH tracks the ICE U.S. Treasury 10-20 Year Bond Index. Both are passively managed. Over the past 10 years, USTY.L returned 2.28%/yr vs -0.01%/yr for TLH. A 0.71 correlation means they provide meaningful diversification when combined. USTY.L charges 0.05%/yr vs 0.15%/yr for TLH.
Performance
USTY.L vs. TLH - Performance Comparison
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Different Trading Currencies
USTY.L is traded in GBP, while TLH is traded in USD. To make them comparable, the TLH values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, USTY.L achieves a 0.66% return, which is significantly higher than TLH's 0.05% return. Over the past 10 years, USTY.L has outperformed TLH with an annualized return of 2.28%, while TLH has yielded a comparatively lower -0.01% annualized return.
USTY.L
- 1D
- 0.21%
- 1M
- 0.98%
- YTD
- 0.66%
- 6M
- 0.18%
- 1Y
- 6.23%
- 3Y*
- 1.22%
- 5Y*
- 1.37%
- 10Y*
- 2.28%
TLH
- 1D
- 0.00%
- 1M
- 0.86%
- YTD
- 0.05%
- 6M
- -1.10%
- 1Y
- 5.35%
- 3Y*
- -2.00%
- 5Y*
- -2.74%
- 10Y*
- -0.01%
USTY.L vs. TLH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 0.66% | 0.10% | 3.36% | -1.37% | -1.66% | -0.86% | 4.57% | 4.20% | 7.22% | -6.43% |
TLH iShares 10-20 Year Treasury Bond ETF | 0.05% | -1.12% | -2.54% | -1.17% | -16.35% | -4.48% | 10.43% | 5.92% | 6.32% | -4.80% |
Correlation
The correlation between USTY.L and TLH is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2015 | 0.71 |
The correlation between USTY.L and TLH has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.
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Return for Risk
USTY.L vs. TLH — Risk / Return Rank
USTY.L
TLH
USTY.L vs. TLH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) and iShares 10-20 Year Treasury Bond ETF (TLH). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| USTY.L | TLH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.11 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.15 | 0.79 | +0.36 |
| Martin ratioReturn relative to average drawdown | 3.15 | 1.70 | +1.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USTY.L | TLH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.94 | 0.63 | +0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | -0.20 | +0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.23 | -0.00 | +0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.37 | -0.06 |
Drawdowns
USTY.L vs. TLH - Drawdown Comparison
The maximum USTY.L drawdown since its inception was -23.02%, smaller than the maximum TLH drawdown of -42.25%. Use the drawdown chart below to compare losses from any high point for USTY.L and TLH.
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Drawdown Indicators
| USTY.L | TLH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.02% | -42.25% | +19.23% |
Max Drawdown (1Y)Largest decline over 1 year | -5.20% | -6.82% | +1.62% |
Max Drawdown (3Y)Largest decline over 3 years | -7.75% | -12.85% | +5.10% |
Max Drawdown (5Y)Largest decline over 5 years | -16.04% | -29.52% | +13.48% |
Max Drawdown (10Y)Largest decline over 10 years | -23.02% | -42.25% | +19.23% |
Current DrawdownCurrent decline from peak | -15.58% | -37.59% | +22.01% |
Average DrawdownAverage peak-to-trough decline | -12.04% | -14.94% | +2.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.90% | 3.16% | -1.26% |
Volatility
USTY.L vs. TLH - Volatility Comparison
SPDR Bloomberg US Treasury Bond UCITS ETF (USTY.L) has a higher volatility of 2.21% compared to iShares 10-20 Year Treasury Bond ETF (TLH) at 1.97%. This indicates that USTY.L's price experiences larger fluctuations and is considered to be riskier than TLH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USTY.L | TLH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.21% | 1.97% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 4.79% | 6.34% | -1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.35% | 8.57% | -2.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.77% | 13.58% | -4.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.02% | 13.80% | -3.78% |
USTY.L vs. TLH - Expense Ratio Comparison
USTY.L has a 0.05% expense ratio, which is lower than TLH's 0.15% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
USTY.L vs. TLH - Dividend Comparison
USTY.L's dividend yield for the trailing twelve months is around 4.87%, more than TLH's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLH iShares 10-20 Year Treasury Bond ETF | 4.50% | 4.17% | 4.28% | 3.83% | 2.78% | 1.50% | 2.65% | 2.31% | 2.17% | 1.83% | 1.91% | 2.13% |
USTY.L SPDR Bloomberg US Treasury Bond UCITS ETF | 4.87% | 4.61% | 3.81% | 2.81% | 1.57% | 1.31% | 2.49% | 2.79% | 2.11% | 2.11% | 1.66% | 0.00% |
Frequently Asked Questions
USTY.L and TLH have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USTY.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USTY.L is cheaper with a 0.05% expense ratio, compared with 0.15% for TLH.
USTY.L tracks Bloomberg US Treasury Index, while TLH tracks ICE U.S. Treasury 10-20 Year Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.05% for USTY.L and 0.15% for TLH.
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